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BMO's loan-loss charges soar

Article Abstract:

Bank of Montreal charges off $800 million in bad loans. Company officials say the total for the year 2001 will exceed $980 million forcing the bank to tighten loan requirements, adjust quicker to economic conditions, and increase their loan-loss provisions.

TD financed Enron tax shelter

Article Abstract:

Toronto-Dominion Bank (TD) is one of several banks that provided financing which enabled Enron Corp. to operate tax shelters. These shelters allowed Enron to run for several years without being taxed and to inflate its profits.